President Trump’s tax cuts package would increase federal deficits by $2.8 trillion over the next decade, according to a new Congressional Budget Office analysis that factors in economic impacts.
This is higher than the earlier estimate of $2.4 trillion and includes $441 billion in additional interest payments on federal debt.
The House-passed bill faces revisions in the Senate, where Republicans are proposing deeper Medicaid cuts and work requirements to offset costs.
Democrats argue the tax cuts won’t pay for themselves as Republicans claim, while the bill would also leave 10.9 million more people without health insurance and cost the poorest Americans about $1,600 annually while benefiting wealthy households by $12,000 on average.